Hindustan Aeronautics Limited hasentered into a $700 million joint ventureagreement with Irkut Corporationof Russia for manufacturing 60 tonnemulti role transport aircraft (MRTA)the Economic Times reported.

Under this 50:50 venture, IlyushinDesign Bureau of Russia will design theMRTA and Irkut Corporation of Russiawill develop the aircraft.

Series production of the MRTAaircraft will be carried out by thetransport aircraft division of HAL atKanpur. Initially HAL plans to developthe MRTA as a freighter aircraft formilitary use.